UBS posts $1.75 billion loss; 8,700 jobs to go

A first quarter loss of $1.75 billion, coupled with net new money outflows in the private bank, spurs the Swiss bank to cut another 11% of its workforce.

UBS announced highlights of its upcoming first quarter results at its annual general meeting in Zurich yesterday, along with the news that 8,700 jobs are to be axed.

UBS estimates that it will report a loss of almost SFr2 billion $1.75 billion for the first quarter of 2009. The loss stems from a negative contribution totalling approximately SFr3.9 billion from losses on illiquid risk positions, credit loss expenses and valuation adjustments on the last positions transferred to a fund controlled...